Cashback offers are exactly as they sound, a lender will offer new customers a cashback offer usually ranging from $1,500 to $5,000 who are eligible and take out products. Cashback offers are often deposited into a nominated bank account. Some lenders may also offer incentives such as waived fees or gift cards for specific stores or brands to sign-up new customers.

The amount of money you can save by refinancing a home loan depends on several factors, including your current interest rate, the new interest rate you can secure, the remaining term of your existing loan, and any fees or charges associated with the refinancing process.

In general, if you can obtain a lower interest rate and keep the remaining term of your loan the same or shorter, you could potentially save a significant amount of money on your monthly mortgage payments and over the life of your loan. It’s always a good idea to use an online refinancing calculator or speak with a financial advisor to determine the potential savings based on your specific situation.

Essentially, refinancing a home loan involves shopping around for a new mortgage from either your current lender or a different one, in order to pay off an existing loan. Refinancing is a great idea and may allow you to find a loan with better terms such as lower interest rates, combine debt that you have, or perhaps access the equity in your home for home renovations, a new car or travel.

1. Check your credit score and make sure it’s in good standing.
2. Research and compare offers from different lenders to find the best deal.
3. Gather all the necessary financial documents, such as your pay slips, tax returns, and bank statements.
4. Apply for the new loan and provide all the required documentation.
5. Your lender will review your application and determine if you’re eligible for the new loan.
6. If approved, you’ll need to sign the new loan agreement and complete any required paperwork.
7. Your new lender will then pay off your old loan and you’ll start making payments on the new loan according to its terms.

It’s important to note that refinancing may come with fees and closing costs, so be sure to factor those into your decision. Additionally, refinancing may not be the best option for everyone, so it’s always a good idea to consult with a financial advisor or mortgage professional to determine if it’s the right choice for your specific situation.

In Australia, the expenses associated with refinancing a home loan can differ depending on the lender, the loan amount, and the existing interest rates. These expenses may comprise, but are not restricted to:

• Discharge fees from your current lender
• Early exit fees from your current lender
• Application fees from the new lender
• Settlement fees from the new lender
• Valuation fees from the new lender
• Government mortgage discharge fees
• Lender’s Mortgage Insurance premium, if your equity is below 20%.